Banca March offers life insurance policy to fund young people's studies with contributions from just €20 a month
07 September 2022 Category: Products
Banca March, the most solvent bank in the Spanish financial sector, has launched March Vida Estudios to help families save for young people's studies.
- March Vida Estudios is a life insurance product with regular premium contributions which provides customers with a guaranteed, compelling return from the very first euro.
- This life insurance format offers a combination of savings and protection for under-18s.
- In the event of the death or absolute, permanent disability of the insured, the guaranteed capital to maturity will be paid out and the policy holder will be exempt from any further payments due under the policy.
Banca March, the most solvent bank in the Spanish financial sector, has launched March Vida Estudios to help families save for young people's studies, an endowment life insurance policy with regular premium payments which offers a compelling, guaranteed return right from the very first euro. This product by March Vida, a wholly-owned Banca March subsidiary, offers a combination of savings and protection for children, allowing families to effortlessly cover the cost of further education, courses abroad, driving lessons, buying their first car or putting a deposit on a property, for example, for a manageable monthly contribution. For customers taking out a March Vida Estudios policy between 5 September and 31 October this year, the initial interest will be 2% after expenses.
March Vida Estudios is designed to allow families to save gradually and effortlessly through regular contributions – starting from just €20 a month – to build up guaranteed savings for the youngest members of the household. By way of example, if a 35-year-old takes out this policy for their child upon birth and holds it for 18 years, making an initial contribution of €1,000 and regular monthly contributions thereafter of €50, the total guaranteed insured amount would stand at €12,101.56[1] when the insured child turned eighteen.
The many advantages of March Vida Estudios
March Vida Estudios offers a broad range of advantages, including the following:
- In the event of the death or absolute, permanent disability of the insured, the guaranteed capital to maturity will be paid out, and the policy holder will be exempt from any further payments due under the policy.
- The product guarantees a compelling annual return which is notified in advance, harnessing the most optimal market conditions at any given time.
- If you wish to increase the final amount payable, you can make additional contributions at any time or increase the amount of the regular contributions (starting from a minimum of €20 per month).
- You can redeem the balance contributed to date with no penalty payable at any time.
The maximum age at which customers may take out a March Vida Estudios policy is 55. For the over-55s, March Vida has created March Vida Estudios Senior, which is designed for grandparents who wish to gift their grandchildren a future that holds greater opportunities. What sets this product apart from March Vida Estudios is that in the event of the policyholder's death, the total amount accumulated will be paid out and complemented by an additional payment equivalent to 10% of the total funds accumulated.
[1] Calculation hypothesis: the net interest rate applied is 2% for the first year and an annual rate of 0.40% has been assumed from the second year onwards. This amount will vary depending on the interest rates announced and applied in each annual period.
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